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Huge Relief To Kenyans On Loans After Uhuru’s Govt Announcement

Job Maangi

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Photo: President Uhuru kenyatta with CBK governor Patrick Njoroge

The Corona virus pandemic in the country greatly affected many sectors of the economy starting from the transport Industry, businesses and the banking sector.

Kenyan government came up with various measures to caution the citizens from the negative effects of the deadly Corona virus amongst them include tax reliefs.

According to a report from the Central Bank of Kenya, most banks restructured loan up to a tune of close to Ksh1.63 Trillion.

The borrowers actually capitalized on reconstituted loans which negatively Impacted the banking sector.

Besides the banking sectors, other sectors had Sh 1.29 trillion had been restructured mainly to trade (21.3 percent), manufacturing (20.4 percent), real estate (15.4 percent) and agriculture (12.4 percent).

In what happens to be good news to Kenyans the personal and household loans the repayment period extended for some time.

The Central Bank of Kenya also noted, Sh35.2 billion that was released by the lowering of the Cash Reserve Ratio (CRR) in March, Sh32.6 billion (92.7 percent).
There was incredible growth in credit in manufacturing by (12 percent), transport and communications (13.6 percent), agriculture (15.3 percent), real estate (8.7 percent) and consumer durables (18.1 percent).

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